The bulls have failed to take back 4900, and the sellers are unrelenting.
The market is too weak to break the pattern of lower highs. After the lower high being formed on last Thursday, it is merely a matter of time to see a lower low to print.
The Monday's trading is crucial in shaping up the last week of trading by setting up an opening range.
If the opening...
With the market trading in a narrow channel for days now, the time was ripe for a strong move. The key support of the Daily Pivot Range and Opening Range provides the bias to the upside with price holding above this support.
What gives this trade even more catalyst is the narrowness of the Pivot and Opening ranges. With the new session opening with another set...
According to our rules the market is in the neutral zone where the price is trading within the Opening Range bands and the Pivot Range, both of which are overlapping. When this occurs after an A trade, in this case a failed A down trade, the bias then shifts to neutral.